I actually paused the movie around the 20 min marker and debated turning it off. I continued on for another 40 mins and saved the rest for the next night. The only reason I soldiered through because it was the Matrix and wanted to know how deep the shitty rabbit hole goes.
My only guess at this point was this was a partial fuck you directed at Warner Brothers.
I googled around and this article from 2017 states "At this point, the Wachowski siblings, who wrote and directed the original and its two sequels, are not involved and the nature of their potential engagement with a new version has not been determined. "
https://www.hollywoodreporter.com/movies/movie-news/matrix-reboot-works-at-warner-bros-986292/
In the movie they make a literal reference to Warner Brothers and a sequel. Anyway doesn't change how bad the movie is just could be the inspiration for the dumb story. Warner Brothers were going to make this either way so Wachowski jumps in with a story that is literal to this fact. Warner Brothers must be so desperate for content and having something with 'Wachowski' in the directing credits they would let anything fly.
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Smith: "Now what? Things have changed. The market's tough. I'm sure you can understand why our beloved parent company, Warner Brothers, has decided to make a sequel to the trilogy."
Thomas: "What?"
Smith: "They informed me they're gonna do it with or without us."
Thomas: "I thought they couldn't do that."
Smith: "Oh, they can. And they made it clear they'll kill our contract if we don't cooperate."
Thomas: "Really?"
Smith: "I know you said the story was over for you, but that's the thing about stories. They never really end, do they? We're still telling the same stories we've always told, just with different names, different faces. And I have to say, I'm kind of excited. After all these years, to be going back to where it all started, back to The Matrix."